On the Integration of Emerging Stock Markets in the Middle East

Ali F. Darrat (), Khaled Elkhal () and Sam R. Hakim ()
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Ali F. Darrat: Department of Economics and Finance, Louisiana Tech University
Khaled Elkhal: Department of Economics and Finance, Louisiana Tech University
Sam R. Hakim: Energetix, Woodlans

Journal of Economic Development, 2000, vol. 25, issue 2, 119-129

Abstract: Results from the Johansen-Juselius test suggest that the Middle East emerging stock markets are segmented globally, but appear highly integrated within the region. Moreover, the Gonzalo- Granger test, in conjunction with error-correction models, indicates that the market in Egypt is a dominant force driving other markets in the region. The apparent segmentation of the markets in the Middle East from the global market implies that these emerging markets provide international investors with potential diversification gains.

Date: 2000
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